Allegations threaten the $120 million business of ex-AFL player Joel MacDonald

Joel MacDonald during his playing days at Melbourne.Source: News Limited

SHARES in the logistics software company GetSwift have been suspended from trade amid allegations it failed to tell investors about the loss of significant contracts.

Founded by former Brisbane and Melbourne AFL player Joel MacDonald in 2014, GetSwift offers software that allows companies to track and organise their delivery fleets.

GetSwift shares have been halted from trade since Monday and the publication by Fairfax Media of reports that the company has breached its continuous disclosure obligations.

The report claims the company had “not informed the market that it had lost key contracts that underpinned its recent success”.

GetSwift on Wednesday requested its shares be suspended from trade, as it had received requests from market operator ASX for responses.

Its market value soared in 2017 as it announced many partnerships and commercial agreements with companies including Pizza Hut, Lone Star and YUM! Brands, which operates Taco Bell and KFC.

According to the Australian Financial Review, GetSwift made premature revenue forecasts related to a deal with the Commonwealth Bank in 2017, and announced deals with The Fruit Box Group and Fantastic Furniture that those companies have since said did not progress past trial stages.

In December, shares in GetSwift were suspended from trade for a day after it announced a global agreement with Amazon that provided no further information. Its shares soared more than 80 per cent before the ASX stepped in and requested more detail from the company.

GetSwift later said it was not able to determine the extent of the services to be provided and revenue generated from its agreement with Amazon. The company said on Wednesday that it expects to provide responses to the ASX before the market opens for trade on Thursday.